Nowadays, with rapidly changing industry trends and fierce competition, it becomes important for organizations to establish or maintain their position in the industry. In order to withstand the immense competition in the industry, it is important to stay abreast with status of the industry and various industry norms. In the present context, a field known as business intelligence, also referred to as “BI”, has gained widespread popularity. Various organizations rely on business intelligence to understand and effectively manage the factors that drive an enterprise. Business intelligence generally refers to a category of systems and applications used to facilitate a business enterprise in decision making and governance.
Business intelligence may include techniques used in identifying, obtaining, extracting, and analyzing business data. Such business data can include historical data, current data, and predictive data, for a business. Such business data may include information, such as shares, price of a product, and sales record. Further, business intelligence techniques may include transforming raw data relating to the industry into useful information for the further analysis. The transformed data is collated and presented in form of a report, usually referred to as business intelligence reports, for reporting and analysis.